A coalition including Payments Canada, Fintechs Canada and the Canadian Credit Union Association asked Finance Minister Chrystia Freeland to make more organizations eligible for membership in Payments Canada, the non-profit that oversees the country’s financial infrastructure, in the 2023 federal budget. (The Logic)

Talking point: In a letter to Freeland, the coalition asked that membership be expanded to include local credit unions, payment service providers registered under the Retail Payments Activities Act and financial market infrastructure entities. They argued the global and domestic payment environment is changing fast, and Canada’s regulations haven’t kept up. It’s noteworthy that industry incumbents and new players alike signed the letter. Fintechs Canada executive director Alex Vronces told The Logic it’s important these amendments happen soon so the payments non-profit has a better understanding of who it needs to serve in projects like the much-delayed Real-Time Rail. “This is as much about effectively managing risk in Canada’s payment system as it is about promoting competition and innovation,” he said.